Co-op of the Day: 32 8th Avenue
This floor-through co-op apartment at 32 8th Avenue in Park Slope is the best deal we’ve seen in a while. The 900-square-foot one-bedroom has all of the exquisite detail one would hope to find in a Park Slope brownstone, from the beautiful wood moldings to the inlaid parquet floor. A small extension on the rear…
This floor-through co-op apartment at 32 8th Avenue in Park Slope is the best deal we’ve seen in a while. The 900-square-foot one-bedroom has all of the exquisite detail one would hope to find in a Park Slope brownstone, from the beautiful wood moldings to the inlaid parquet floor. A small extension on the rear of the building also means that they layout works much better than your standard floor-through conversion. We’re going to go out on a limb and say that we wouldn’t be surprised to see this go for more than the asking price of $599,000, which would be quite an achievement in this market!
32 8th Avenue [Corcoran] GMAP P*Shark
sam don’t give up so easily! the pop in 1990 was less than it was in 1940. it’s right there in the numbers.
I also think the population will shrink in the next few years, as more people lose their jobs and re-think NYC.
But the real damage to home prices will come from the change in total city income and wealth, not population. by that measure the city is dramatically shrinking.
11217: you have a point. I was recalling that the population of Manhattan (not the whole city) peaked in the 1920’s. Naturally the outer boros kept growing as more and more development took place dusing the 30’s, 40’s and 50’s.
Still and all, I stick to my premise that people move to NYC for jobs. If the job market shrinks, the population will decline especially as many people who reach retirement age move out to warmer more affordable places. The future is unknowable but if we can learn anything from the patterns of history, it is that conventional wisdom is usually turned on its head every thirty or so years.
“11217, regardless if my link is a true comp or not, 600K for a one-bedroom is ridiculous. There are better / bigger apts in other nabes. I don’t have time to look for listings to post.”
I agree with that sentiment. 600K is a lot for a 1 bedroom.
But there are far more expensive 1 bedrooms in this city to be had. There are a whole slew of 1 bedrooms in Manhattan for sale for over a million…some of these are not even 800sf…
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1409452&ohDat=
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1186964&ohDat=
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1453373&ohDat=
I went to the open house on Sunday. Absolutely lovely details but the bedroom faces the street which made me uncomfortable and the kitchen needs an update (hence why there’s no pics of the kitchen). And I agree with an earlier post – if you’re going to spend that money why not buy a two bedroom you can grow into? All that being said, it was lovely.
I’m going to go along with Mopar’s prediction. Sounds very reasonable to me.
“Only someone not well acquainted with NYC history would assume that the City will grow in the next ten years. Most of the latter part of the twentieth century the city shrank.”
I actually WAS going by NYC history. Notice the period after the Great Depression, and I’m also curious Sam if you could show me precisely where “MOST of the latter part of the twentieth century the city shrank”….
1698 4,937 —
1712 5,840 18.3%
1723 7,248 24.1%
1737 10,664 47.1%
1746 11,717 9.9%
1756 13,046 11.3%
1771 21,863 67.6%
1790 33,131 51.5%
1800 60,515 82.7%
1810 96,373 59.3%
1820 123,706 28.4%
1830 202,589 63.8%
1840 312,710 54.4%
1850 515,547 64.9%
1860 813,669 57.8%
1870 942,292 15.8%
1880 1,206,299 28.0%
1890 1,515,301 25.6%
1900 3,437,202 126.8%
1910 4,766,883 38.7%
1920 5,620,048 17.9%
1930 6,930,446 23.3%
1940 7,454,995 7.6%
1950 7,891,957 5.9%
1960 7,781,984 −1.4%
1970 7,894,862 1.5%
1980 7,071,639 −10.4%
1990 7,322,564 3.5%
2000 8,008,288 9.4%
2007* 8,274,527 3.3%
ok snark, for kicks, I put in 1% per month decline for 36 months, bringing it down from 525 to 366 in 3 years, and then flat for 10 more years, and then up 5% per year for the remainder of the 30 year mortgage, for sale by owner. no increase in maintenance or rent. It takes the whole 30 years to break even.
however, if you let rent (and maintenance, to be fair), go up 2% per year, you break even in 18 years.
Or, sam, the next 10 years might not look anything like the “latter part of the twentieth century.”
Interesting that the mid 1990s was when the city finally pulled itself out from the burden of debt, mismanagement, inept mayors and high crime…which is where it largely remains today.
11217, regardless if my link is a true comp or not, 600K for a one-bedroom is ridiculous. There are better / bigger apts in other nabes. I don’t have time to look for listings to post.
While the apartment is nice, someone has to be sooooo in love with the neighborhood to pay this price.